Finding a lender to buy owner occupied property at auction

[Terri Dyer]

Our dream property came up for sale but it is through an online auction.  We will have 30-45 to close but there can be no contingencies.  

How can I find a lender to fund this for an owner occupied property?  5 of our rental properties are owned out right, could we get a portfolio lender to lend on them so we would have "cash" for the auction?

Are there hard money lenders that will lend on owner occupied properties and then we can refinance it into a regular mortgage in 6 months to a year?

Does anyone know of the best strategy or lenders that would loan on owner occupied properties in Minnesota?

[Jason D.]

No hard money lenders, that I've seen, lend for owner occupied. What is the condition of the property? If you have 45 days to close, you could, possibly, get conventional financing if it can pass an inspection. Equity loan or line of credit on your current properties is probably the quickest and most seamless way to do the deal. Then finance out after a few months into a conventional loan.